Banking Questions


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Essay #: 067601
Total text length is 6,000 characters (approximately 4.1 pages).

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The beginning:
Banking Questions
1.Before anything, the Bank of Oz, as a foreign bank would have to obtain prior approval of the Federal Reserve System’s Board of Governors (United States Code, Title 12, secs. 3103-3105, 2010). Also, because the Bank of Oz is already engaging in the banking business in Oz, a foreign country, if it wishes to establish a federal banking branch in a state where it does not otherwise hold a state license, must also obtain authorization from the Office of the Comptroller of Currency (United States Code, Title 12, secs. 3102, 2010). Once it has cleared federal hurdles, the Bank of Oz, must apply to do business in the state of California as a foreign, other-nation bank (See California Financial Code, secs. 1700-1785). Once...
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.....sinesses in 1999 by the Financial Crimes Enforcement Network (“FinCEN”). The business that Ali Akbar proposes to engage in fits the federal definition of a money services business “any person… engaged as a business in the transfer of funds” (Code of Federal Regulations, Title 31, sec. 103.11, 2010)— must be registered. So, to begin, Ali Akbar must register his business with FinCEN, maintain the required records and file required reports, subject to inspection.
California Financial Code. (2010). Secs. 1700-1785
California Financial Code. (2010). Secs. 1800-1872.
Code of Federal Regulations. (2010). Title 31, sec. 103.11.
United States Code. (2010). Title 12, sections 3103-3105.
United States Code. (2010). Title 12, secs. 3102-3105